Business North Carolina articles from January 2002

Business North Carolina archives from January 2002

Power attorneys. (Up Front).(lawyer Jonathan Alpert)
January 1, 2002... Everybody hates lawyers, but they love their lawyer. Tampa, Fla., lawyer Jonathan Alpert Alpert is a gnome of a man, with stray black hairs poking out of his ears and the tip of his nose. I got to know him when I covered banking and...

Trend.(North Carolina economic indicators)(Brief Article)(Statistical Data Included)
January 1, 2002... TREND Latest Previous Previous month month year EMPLOYMENT (1) Total employed (000s) 3,802.8 3,794.4 3,822.9 Civilian labor...

World affairs leave U.S. textiles in rags. (Economic Outlook).(American Textile Manufacturers Institute President Chuck Hayes on the effect of Asian currency devaluations on the US textile industry)(Interview)
January 1, 2002... Chuck Hayes is chairman and chief executive of Greensboro-based Guilford Mills Inc. and president of the American Textile Manufacturers Institute. In August, ATMI released a study blaming Asian currency devaluations for the closings of more...

Fear of flying could keep Goodrich from climbing. (Money Matters).(losing enthusiasm for plans to spin off its industrial-products business 2002 to focus on aerospace)
January 1, 2002... For years, B.F. Goodrich was the tire company without the blimp. Then it took to the skies in a big way, selling its tire business in 1986 and buying and selling dozens of other lines. In June, it dropped the B.F. from its name to complete its...

Message wasn't spam, but people got canned. (Tar Heel Tattler).(city of Durham investigates Triangle Economic Development Corp. Director Anita Bennett for fraud in small-business loan program she administered)(Brief Article)
January 1, 2002... Raleigh to Durham: Read your e-mail. Two years ago, members of Durham's economic-development staff ignored a warning that Raleigh was on the verge of firing a consultant that the Bull City was about to hire. Now Durham's district attorney...

Mayor tries to get shows on the road. (Tar Heel Tattler).(mayor of Peletier trying to ban outdoor rock festivals at Carteret County Speedway)(Brief Article)
January 1, 2002... In the early days of rock 'n' roll, parents and ministers branded it the devil's music and tried to have it banned. And that was when a good Christian boy named Elvis Aron Presley was singing about his Teddy Bear and Blue Suede Shoes. ...

Tattle Tales. (Tar Heel Tattler).(Brief Article)
January 1, 2002... * Perhaps they're peacekeepers: A state inspector marked down a Wilmington day-care center because its toys included plastic toy soldiers. The local paper quoted a Division of Child Development supervisor as saying children might use them "to...

Rainbows have to fin for themselves. (Tar Heel Tattler).(National Park Service to bring back brook trout in Smoky Mountains)(Brief Article)
January 1, 2002... Brook trout survive only in cold, clean water. For millions of years, the Appalachian mountains provided ideal habitat. But at the turn of the 20th century, much of the North Carolina highlands were logged. Sediment killed off many of the brook...

Wrong prescription for online doctors. (Tar Heel Tattler).(VirtualMedicalGroup.com)(Brief Article)
January 1, 2002... If VirtualMedicalGroup.com had stuck to treating impotence, menstrual cramps and unwanted facial hair, the Morrisville-based online medical practice might have avoided the attention of regulators. But pursuing what seemed like a sure moneymaker...

Newport Generation. (Fayetteville).(applied for state permit to build natural-gas-fired power plant)(Brief Article)
January 1, 2002... FAYETTEVILLE -- Newport Beach, Calif.-based Newport Generation has applied for a state permit to build a natural-gas-fired power plant here by mid-2004. The plant would cost $250 million and produce 500 to 650 megawatts of power, enough to...

Mrs. Smith's Bakeries. (Pembroke).(to close its plant in Pembroke)(Brief Article)
January 1, 2002... PEMBROKE -- Suwannee, Ga.-based Mrs. Smith's Bakeries planned to close its plant here in December, eliminating 240 jobs. Mrs. Smith's bakeries in three South Carolina towns will take over production of the pies and pie shells made at the plant....

Kelly-Springfield Tire. (Fayetteville).(laying off 475 workers )(Brief Article)
January 1, 2002... FAYETTEVILLE -- Kelly-Spring-field Tire is laying off 475 workers here. The layoffs, announced in October, were to be completed by the end of 2001, says Kelly-Spring-field's parent company, Akron, Ohio-based Goodyear Tire and Rubber. The...

Cape fear valley health system. (Eastern).(ended its 2001 fiscal year in September with a $20.4 million profit)(Brief Article)
January 1, 2002... Cape Fear Valley Health System ended its 2001 fiscal year in September with a $20.4 million profit, its second-largest ever. Richard Parks, CEO of the Fayetteville hospital group, credited savings from a 102-employee layoff, shorter patient...

Global TransPark. (Kinston).(executive director Paul Busick to direct civil-aviation security for U.S. Department of Transportation and the Federal Aviation Administration)(Brief Article)
January 1, 2002... KINSTON -- Paul Busick, executive director of Global TransPark, temporarily stepped down in November to direct civil-aviation security for the U.S. Department of Transportation and the Federal Aviation Administration. He was expected to be in...

UNC Chapel Hill. (Chapel Hill).(extended contract with Nike)(Brief Article)
January 1, 2002... CHAPEL HILL -- UNC Chapel Hill and Nike have extended for eight years a contract under which Carolina teams wear Nike athletic shoes and clothing. The university will receive $28.3 million in cash and gear as well as a 10% royalty on the sale...

BTI Telecom. (Raleigh).(Welsh, Carson, Anderson & Stowe offers to buy back $250 million of BTI debt)(Brief Article)
January 1, 2002... RALEIGH -- The largest investor in BTI Telecom offered to buy back $250 million of BTI debt. If bondholders accept the offer from the New York firm of Welsh, Carson, Anderson & Stowe, it would shore up the balance sheet of the troubled...

Blue Cross and Blue Shield of North Carolina. (Chapel Hill).(Blue Cross and Blue Shield of North Carolina negtiating with state regulators over converting to for-profit status)(Brief Article)
January 1, 2002... CHAPEL HILL -- Blue Cross and Blue Shield of North Carolina says it's beginning discussions with state regulators about its long-expected conversion to for-profit status. If Blue Cross switches, a 1998 law will require that the not-for-profit...

Quintiles Transnational. (Triangle).(will receive $185 million in cash in stock buyback.)(Brief Article)
January 1, 2002... Quintiles Transnational will receive $185 million in cash from New Jersey-based WebMD in a stock buyback. The deal severs all lies between the companies, which hod squared off in court over whether WebMD, a software and claims-processing...

Scynexis Chemistry & Automation. (Research Triangle Park).(is buying a drug-discovery lab )(from Aventis CropScience )(Brief Article)
January 1, 2002... RESEARCH TRIANGLE PARK -- Scynexis Chemistry & Automation is buying a drug-discovery lab that employs 26 in England. Terms of the purchase of the lab from Aventis CropScience weren't disclosed. The deal gives Scynexis, which does chemical...

Burlington Industries. (Greensboro).(files for bankruptcy)(Brief Article)
January 1, 2002... GREENSBORO -- Burlington Industries has filed for Chapter 11 bankruptcy reorganization. The company, which makes fabric for furniture and apparel, had $1.18 billion in total assets, $1.11 billion in total debt and $60 million in cash when it...

Triad gains in trade, service and government jobs through September didn't offset losses the year before. (Triad).(Brief Article)(Statistical Data Included)
January 1, 2002... Triad gains in trade, service and government jobs through September didn't offset losses the year before. Sector Change Construction and mining (2.2)% Manufacturing ...

Great American Knitting Mills. (Burlington).(is closing its Bally, PA plant)(Brief Article)
January 1, 2002... BURLINGTON -- Great American Knitting Mills is bringing as many as 100 jobs to its Burlington plant as part of a company restructuring. The company is closing its Bally, Pa., plant and moving that mill's knitting and finishing operations to...

Cone Mills. (Triad).(will terminate its khaki business)(Brief Article)
January 1, 2002... Cone Mills, the world's largest producer of denim, will shed its khaki business in the second quarter of this year. Soles of khaki at Greensboro-based Cone were down 30%, to $22.8 million, through the first three quarters of 2001, compared with...

BB & T. (Winston-Salem).(acquiring Cooney Rikard & Curtin)(Brief Article)
January 1, 2002... WINSTON-SALEM -- BB&T is entering the wholesale insurance business with the purchase of Birmingham, Ala.-based Cooney Rikard & Curtin, the nation's largest independent wholesale insurance broker. CRC specialties include property, casualty and...

Tyco International. (Greensboro).(to close a factory that makes electronic connectors)(Brief Article)
January 1, 2002... GREENSBORO -- Tyco International plans to close a factory here and lay off about half the plant's 600 workers. Production and the remaining 300 workers will be shifted to another Tyco plant in Greensboro by April. The plant makes electronic...

Bank of America. (Charlotte).(Small Business Administration loans)(Brief Article)
January 1, 2002... CHARLOTTE -- Bank of America made the most Small Business Administration loans in North Carolina last year, but Wachovia Bank of Winston-Salem, which has merged with Charlotte-based First Union, loaned more money. The SBA reported in October...

Employee health cost rose 12.6% in Charlotte in 2001 but was still among the nation's lowest. (Charlotte).(Brief Article)(Statistical Data Included)
January 1, 2002... Employee health cost rose 12.6% in Charlotte in 2001 but was still among the nation's lowest Cost per City employee 1 San Francisco $4,160 2 Phoenix 4,167 ...

Sonic Automotive. (Charlotte).(purchased three dealerships )(Brief Article)
January 1, 2002... CHARLOTTE -- Sonic Automotive announced it had purchased three dealerships and agreed to buy another by year end. Terms weren't disclosed. The dealerships have annual sales of $375 million and are in Oklahoma, Texas and California. Sonic owns...

Speedvision. (Charlotte).(, is relocating from Stamford, Conn., to Charlotte)(Brief Article)
January 1, 2002... Speedvision, a cable network, is relocating from Stamford, Conn., to Charlotte. Speedvision, bought by Fox Cable Networks Group last summer, will employ 50 people here. The company, which says it has 45 million viewers, is the nation's only...

Duke Energy North America. (Charlotte).(has begun construction of power plant near Olympia, Washington)(Brief Article)
January 1, 2002... CHARLOTTE -- Duke Energy North America, a Houston-based subsidiary of Duke Energy, has begun construction of a $300 million power plant near Olympia, Wash. The natural-gas-fired plant, scheduled to begin operation by mid-2003, will produce...

R.L. Stowe Mills. (Belmont).(closing yarn and spinning plant in Belmont)(Brief Article)
January 1, 2002... BELMONT -- R.L. Stowe Mills is closing a Belmont yarn and spinning plant, eliminating 140 jobs. Stowe blamed the slowing economy and competition from imports. The company operates seven plants here and in Mebane that employ more than 1,000.

Department of Veterans Affairs Medical Center. (Oteen).(Brief Article)
January 1, 2002... OTEEN -- More retirees in Western North Carolina mean more veterans. To serve their medical needs, local and federal officials in October dedicated a $26 million addition to the Department of Veterans Affairs Medical Center here.

Mission St. Joseph's Health System. (Asheville).(Brief Article)
January 1, 2002... ASHEVILLE -- Mission St. Joseph's Health System has begun helping employees who make less than $48,000 a year buy homes. Mission St. Joseph's will match employee savings for down payments and provide financial counseling. The plan is designed...

Lexington Home Brands. (Spruce Pine).(closing in late-November of a Lexington Home Brands furniture plant )(Brief Article)
January 1, 2002... SPRUCE PINE -- Mitchell County has been clobbered again, this time with the closing in late-November of a Lexington Home Brands furniture plant that will cost the county 297 jobs. Other recent shutdowns have included Outboard Marine, with 270...

Western counties have some of the state's lowerst population densities. The state average is 165.2. (Western).(Brief Article)(Statistical Data Included)
January 1, 2002... Western counties have some of the state's lowerst population densities. The state average is 165.2 County Density (*) Swain 24.6 Clay 40.8 Madison 43.7 Alleghany 45.4 Cherokee 53.4 Yancey...

Continental Teves. (Fletcher).(will combine front offices of its Asheville and Fletcher plants in Fletcher)(Brief Article)
January 1, 2002... FLETCHER -- Streamlining management, Continental Teves will combine the front offices of its Asheville and Fletcher plants in Fletcher. The company, which makes automobile brakes, won't say how many jobs it's cutting. It employs 730 at the two...

Pack Square Conservancy. (Western).(historic commercial hub of Asheville, NC)(Brief Article)
January 1, 2002... Pack Square, a historic commercial hub of Asheville, is going to get a $5 million facelift, beginning in 2003. The changes are designed to make the area more accommodating to pedestrians, with additional paths and walkways. What's more, a...

The Lurker at the threshold: It's scary. Our mover and shaker of the year is the ghost in the governor's mansion. (Feature).(Brief Article)
January 1, 2002... Here, where the power he wielded was concentrated, you can feel his presence, not only in this old house but throughout the capital. Though he had departed, gone on to his reward, what he wrought still reigned. A few blocks from the manse, in...

Hedging Bets: With the economy still dicey, most of our stock pickers make safe companies their odds-on favorites this year. (Feature).(Statistical Data Included)
January 1, 2002... That the market tumbled over the past 12 months came as no surprise to veteran stock pickers. Even before the Sept. 11 attacks on New York and Washington, a stagnant economy teetering on the edge of recession worried consumers and investors...

The Legal Elite.
January 1, 2002... BUSINESS NORTH CAROLINA has long been long on lists. Since the magazine was launched 20 years ago, they have been a staple of its editoria fare. The Top 75, our ranking of public companies based in the state, made its appearance in the eight...

The Legal Elite.(Directory)
January 1, 2002... Antitrust Matthew Sawchak Ellis & Winters LLP Cary Everett J. Bowman Robinson, Bradshaw & Hinson PA Charlotte Daniel G. Clodfelter Moore & Van Allen PLLC Charlotte Rodrick J. Enns Enns &...

Triangle leaders know continued growth depends on new developments and infrastructure improvements. (Special Advertising Section - Regional Focus).
January 1, 2002... North Carolina's Triangle -- Raleigh, Durham, Chapel Hill and surrounding communities -- is working toward a common goal: balancing market demands so that growth will be smart and effective. The equation that will deliver a strong, vibrant...

School daze helps peddle this educational software. (People).
January 1, 2002... To hear Craig Larsen tell it, selling computer technology to schools doesn't sound like a winning proposition. Schools typically are seven years behind businesses in adopting new technology -- in the Stone Age in Internet years. On top of that,...

Post-op flop. (Out Back).
January 1, 2002... They were getting ready to roll him into the cath lab to poke holes in his groin and neck to snake a wire up his veins to zap nerves in his heart when the surgeon realized the procedure probably wouldn't work. Ed Martin took the news calmly. He...